LOS ANGELES-The City of Hope, a leading cancer and diabetes research and treatment center, has signed a 10-year lease with MetLife at the San Gabriel Valley Corporate Campus, a LEED Silver-certified business center. The lease expands the company’s space to 167,655 square feet.
“This deal represents significant absorption and expansion by one of the most respected organizations in the San Gabriel Valley,” says Mr. Duffy. “The Western San Gabriel Valley office base of 13.5 million square feet ended 2013 with a 12.7% vacancy rate,” says CBRE SVP Kevin Duffy, who represented the landlord, MetLife, along with First VP Damon Feldmeth.
The new space will house 600 of the company’s 700 employees in the new space, which is located at 4920 Rivergrade Road in Irwindale. The lease is yet another example of a changing healthcare real estate landscape that has seen several healthcare companies expanding leases in recent months. Some companies are crediting expected growth from the implementation of the Affordable Care Act for the lease expansions. Most recently reported, Meridian Property Co. recently sold a third building at its Sierra Pelona Medical Center to a local family practice, Joshua Medical Group. The 8,400-square-foot building was the largest in the complex.
Southern California Edison, Alameda Corridor East Construction Authority and San Gabriel Valley Economic Partnership & GC Services are among the other tenants at the corporate campus. MetLife has plans underway to build a 640-stall parking garage.